Commissioner for Economic and Financial Affairs Pierre Moscovici said: "Some argue that deepening the euro area might be divisive as not all 27 member states are members of the euro. I believe this would be a deep mistake.”

The 59-year-old French socialist, speaking in Vienna, added that he supported establishing EU institutions specifically for the eurozone, including a budget separate from that of the European Union. He thought it should also have its own finance minister, who would also be a commissioner.

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The European Commission's Pierre Moscovici has called for greater eurozone co-operation

He told reporters: "I'm in favour of a treasury for the eurozone. I'm in favour of a budget or a fiscal capacity of the eurozone of a limited amount capable of helping us to invest on the one hand and also fight unemployment.”

While Mr Moscovici said the planned banking union needed to be completed to ensure financial stability, he also underlined the importance of keeping voters ons

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The EC’s Commissioner for Economic and Financial Affairs Pierre Moscovici speaking in Vienna Europe in Crisis Sun, February 5, 2017

He told a meeting at Austria's central bank: “Nothing will be possible if the architecture of the euro area remains a discussion between central bankers, officials, finance ministers and commissioners in closed forums.”

He added: "We must reinforce democratic accountability and legitimacy in the governance of the euro area, to ensure the necessary support of the population.”

Mr Moscovici, a former member of the Trotskyist Revolutionary Communist League, also appeared to think that the smaller member of the EU, not already in the euro, would eventually want to join the common currency.

He said: "With the exit of the UK from the EU, most remaining non-euro area Member States can be expected to enter the euro sooner or later.”

Mr Moscovici’s comments come during a perilous period for the eurozone countries, with the currency facing potentially fatal obstacles with the economic problems in both Greece and Italy and their possible exist from the eurozone causing either a severe collapse or fatally injuring it not that far off on the horizon.

While the UK has never been part of the common currency the country’s exit from the wider European Union will also have ripple effects across the whole of the bloc as Britain withdraws economically.

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Pierre Moscovici speaking in Vienna

Earlier this week an economic think tank of respected economists predicted the failure of the euro even if further centralised policies were introduced.

Tuomas Malinen, CEO of GnS Economics, said: "Living standards in Italy and Greece are below the levels when they joined the euro.

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Pierre Moscovici, the European Commision's Commissioner for Economic and Financial Affairs

"Finland is the only Nordic country using the euro and it is also the only Nordic country which has not yet recovered from the financial crash of 2008.

"There have been many proposals on how to fix the euro and the EMU, but they are politically unpopular and unrealistic."unpopular and unrealistic."